Small Business Wishlist Puts Tax At Top Of Agenda

Small businesses have revealed in new research that they are hoping for “stability and simplicity” from the new Conservative government, with action on some tax issues being high on their wishlist.

According to the study by Bibby Financial Services, nearly a quarter of SMEs are seeking for the PAYE system to be simplified by the Government with a similar number also stating a clearer outline of how smaller firms are taxed should be made available.

The research also found that 30 per cent of small businesses are also calling for action to reduce business tax rates, while other notable findings included around a third of SMEs calling for a commitment to remain in the EU.

David Postings, chief executive of Bibby Financial Services, said the Government needed to “address the economic challenges ahead and create a stable environment for small businesses to flourish”.

Expert Opinion

"This research has put a spotlight on the key issues that SMEs feel they are facing as the new Government begins work. <br/> <br/>"As well as the EU, tax matters appear to be high up the agenda and it is clear that many small businesses feel that changes to different aspects could be key in allowing them to develop their organisations. <br/> <br/>"It will be interesting to see how Government responds to this but in the interim it will be vital for SMEs to ensure they are fully aware of their regulatory responsibilities when it comes to taxation. Legal advice and support could be key to addressing this issue." Steven Beahan - Partner